The holiday season is a busy, fun-filled, and celebratory time for businesses throughout the United States. It's a period of festive spirits and increased consumer spending on gifts. The National Retail Federation (NRF) reported that retail sales during the 2023 holiday season (November 1 through December 31) grew to a record $955.6 billion, easily meeting the NRF's forecast.1 The NRF predicts holiday sales for 2024 to increase between 2.5% and 3.5% over 2023, which translates between $979.5 billion and $989 billion.
Knowing this, now is the time to plan your holiday marketing efforts and deploy holiday sales and promotions. Doing so can unwrap the keys to holiday success and set your business up to finish the year strong. This Huddle Business Capital blog article has some marketing ideas to consider.
Run a holiday sale.
Whether you run a retail store, restaurant, service business, or online store, a holiday sale can help attract new customers and maximize year-end profits. Start by setting clear and attainable goals, such as boosting fourth-quarter revenue, clearing out old inventory, or increasing brand awareness. Once you define your objectives, you can tailor your marketing and promotional efforts to meet these targets.
Whether it's special holiday discounts, buy-one-get-one deals, a gift with purchase, or exclusive bundles, ensure the offer is clear and enticing. Additionally, carefully assess your inventory levels to guarantee sufficient holiday stock to meet the anticipated demand. This will help you avoid potential stockouts and maximize sales opportunities during the busy holiday shopping season.
Market your holiday offers.
If you have a limited budget, you'll be pleased to discover that holiday marketing can still be highly effective even with minimal funding. You can employ strategies requiring little financial investment but yield significant results. For instance, leveraging social media platforms to promote your holiday offerings can enhance your visibility without costing much.
Next, engaging your existing customer or client base through email campaigns can foster loyalty and drive sales during the holiday season. You can still create a compelling marketing presence that resonates with your audience by focusing on creativity and authentic connections rather than a large budget.
Lastly, remember to have your marketing manager or team spruce up (holiday pun intended) your company website with holiday cheer to support your holiday offers. Adding festive colors, holiday motifs, and themes can help your website stand out and engage with users.
Leverage Black Friday.
Black Friday, the day after Thanksgiving, marks the start of the busy holiday rush each year. In 2023, 76.2 million people shopped on Black Friday, and sales totaled $9.8 billion; analysts predict this number will reach $10.8 billion in 2024, an increase of 10%.2 Large brands and e-commerce giants market their Black Friday promotions well in advance throughout November, and Black Friday receives extensive news coverage on television and online.
As holiday shoppers prepare for this shopping event, small businesses like yours can tap into the heightened awareness surrounding Black Friday. Remember that discounts are the cornerstone of Black Friday success for small businesses. They help turn prospects into paying customers and drive holiday sales revenue. So, ensure that your holiday offers are compelling and market them online and in-store in the days and weeks leading up to Black Friday.
Leverage Cyber Monday.
Cyber Monday falls on the Monday after the Black Friday weekend, and it is a day for shoppers to find great deals online. Consumers spent $12.4 billion on Cyber Monday 2023, a 9.6% increase over Cyber Monday 2022.3 This year, Cyber Monday is on December 3, and six in 10 consumers plan to do a significant amount of holiday shopping online. This is exciting news if your business sells online.
You can leverage consumers' anticipation of Cyber Monday by announcing your deals early on social media, in email blasts, and on your website. If time and budget permit, have your marketing manager or team create dedicated Cyber Monday landing pages for your website that feature your deals and entice visitors to purchase from your online store.
Run a holiday contest or giveaway.
A holiday contest or giveaway is a great way to engage your audience and spread seasonal cheer, and it requires minimal effort on your part. Start by deciding on the type of contest—whether it's a photo contest, trivia quiz, or creative submission challenge. Choose a fitting theme that resonates with the holiday spirit and encourages participation on social media and on your company's website. Consider offering enticing prizes that reflect the holiday season, like gift cards, themed merchandise, or exclusive gifts.
Make it easy for people to participate in your holiday contest. Too many barriers to entry will result in less participation. Remember to set clear rules and guidelines (including deadlines and how you will choose winners) for your holiday contest and publish them on your website. This transparency will help build trust and excitement. Once your holiday event concludes, you can showcase the winners' submissions on social media to inspire others and foster engagement.
Sources.
1 https://nrf.com/media-center/press-releases/steady-sales-growth-expected-2024-holiday-season-according-nrf
2 https://www.demandsage.com/black-friday-statistics/
3 https://www.digitalcommerce360.com/article/cyber-monday-online-sales/
Disclaimer.
Huddle Business Capital is not affiliated with nor endorses the National Retail Federation (NRF), Demandsage, or Digital Commerce 360. This Huddle Business Capital blog article is purely educational and contains general information and opinions; it is not intended to provide advice or recommendations of any kind.
